Dan Hodges is a former Labour Party and GMB trade union official, and has managed numerous independent political campaigns. He writes about Labour with tribal loyalty and without reservation. You can read Dan's recent work here

PMQs: Che Miliband dons his revolutionary beret

David Cameron looked sombre as he rose to open today’s session of Prime Minister’s Questions. That was primarily because he opened with the now sadly familiar tribute to the fallen of Afghanistan.

But it may also have reflected a lingering sense of guilt over the events of the past 24 hours. First there was poor Stephen Hester, forced to relinquish his million pound bonus. Then Sir Fred Goodwin, or plain old Fred Goodwin as he is now, being stripped of his knighthood. This wasn’t what David Cameron had come into politics for. Robbing wealthy businessman of their perks and privileges was Labour’s job. Seriously, what was the point of having an honors or bonus system if you, as Prime Minister, couldn’t use it to reward your rich and powerful friends.

Ed Miliband, by contrast, had a spring in his step. He’s clearly enjoying his new role as self-styled nemesis of capitalism. So much so that it was a surprise to see him arrive in the chamber wearing a rather understated dark suit and fetching mauve tie. I’d half expected him to appear in army fatigues, with black beret and Havana cigar, and a pistol strapped to his waist. Perhaps Black Rod put the kybosh on that.

No matter, Che Miliband was not going to be deterred. Goodwin and Hester may have fallen foul of the people’s court, but there were plenty of other fat cats out there living off the blood and sweat of the masses. Would the Prime Minister be prepared to expose them by implementing the recommendations of the Walker report and publishing the names of executives earning over a million pounds?

David Cameron wouldn’t. He’d thrown quite enough innocent millionaires to the mob. He wasn’t going to be coughing up any more names unless the French and the rest of our European competitors did it first. And remember how that worked out for the French last time.

Miliband hit back. This showed just how out of touch the Prime Minister was. Did the public really think the toffs in the Cabinet could be trusted to launch a “class war” on the bankers? Pah! If there was any class war to be waged, he, Comrade Miliband, would be the one waging it.

Quite a few on Labour’s benches laughed along with that. But one or two didn’t, especially those veterans of the New Labour years. Some of their best friends used to be bankers after all.

Then Labour’s Commissar overreached himself. “What was the Chancellor doing last week?”, he taunted “When he was supposedly cracking down on top pay. He was going to Davos to tell the business community to lobby for lower taxes.”

David Cameron smiled. Earlier, he’d been pulled up short by the Speaker for using the word “hypocrisy”. “I don’t know what the word is for criticising someone who went to Davos when you went to Davos yourself,” he chided, a reference to the fact that Ed Miliband had, in fact, been off hobnobbing with the great and the good of the business community himself.

Ed wore the expression of a little boy who has just been told by his mum that it’s time to come in for his bath. Playing the revolutionary hero had been fun. But now it was over.